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2020 SESSION
HB 1417 Income tax, state; reporting requirements for partnerships.
Introduced by: Vivian E. Watts | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Income tax; reporting requirements for partnerships. Alters the process by which partnerships report federal tax adjustments to the Department of Taxation. The federal Bipartisan Budget Act of 2015, P.L. 114-74, generally shifted the burden of reporting adjustments from a partnership's investors and owners to the partnership itself. The bill would allow a partnership to report to its owners and investors any information required under Virginia law or to report such information on behalf of its owners and investors. The bill establishes processes and deadlines by which partnerships are required to report such information, and pay any associated taxes, to the Department.
SUMMARY AS INTRODUCED:
Income tax; reporting requirements for partnerships. Alters the process by which partnerships report federal tax adjustments to the Department of Taxation. The federal Bipartisan Budget Act of 2015, P.L. 114-74, generally shifted the burden of reporting adjustments from a partnership's investors and owners to the partnership itself. The bill would allow a partnership to report to its owners and investors any information required under Virginia law or to report such information on behalf of its owners and investors. The bill establishes processes and deadlines by which partnerships are required to report such information, and pay any associated taxes, to the Department.